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RSM100 - Study Guide - Final Exam p1/3

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Department
Rotman Commerce
Course Code
RSM100Y1
Professor
Michael Szlachta

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RSM100 Study Guide Final Exam
Business Strategy [8] L12-13
Chapter 6 Managing the Business Enterprise
oCorporate culture the shared experiences, values, norms, and ethical stance that characterize an
organization
oManagement the process of planning, organizing, leading, and controlling an enterprises financial,
physical, human, and information resources to achieve the organizations goals of supplying various
products and services
oPlanning determining the firms goals and developing a strategy to achieve them
oHierarchy of Plans
Strategic plans top management; decisions about resource management, company
priorities, and the steps needed to meet strategic goals
Tactical plans upper/middle management; shorter-range plans to implement specific
aspects of the company’s strategic plans
Operational plans middle/lower management; short-term targets for performance
oOrganizing mobilizing the resources required to complete a task
oLeading (directing) interactions between managers and their subordinates as they work towards
firm objectives
oControlling process of monitoring a firms performance to make sure that it is meeting its goals
oHierarchy of Managers
Top managers those responsible for a firms overall performance and effectiveness, and
for developing long-range plans for the company
Middle managers implement decisions made by top managers
First-line managers supervise the work of employees
oAreas of Management
Human Resource managers provide assistance to other managers when they are hiring
employees, training them, evaluating their performance, and determining their
compensation level
Operations managers responsible for the production systems that create goods and
services
Information managers responsible for designing and implementing systems that gather,
process, and disseminate information
Marketing managers responsible for getting products and services to buyers
Financial managers plan and oversee a firms financial resources
oBasic Management Skills
Technical skills ability to perform specialized tasks
Human relations skills ability to understand and get along with people
Conceptual skills ability to think in the abstract, to diagnose and analyze different
situations, and to see beyond the present situation
Time management skills productive use of time
Decision-making skills ability to define problems and choose the best course(s) of action
oThe Rational Decision-Making Process
Recognize and define the situation
Identify alternatives
Evaluate alternatives
Select the best alternative
Implement the chose alternative
Evaluate the results
oProblem decision a decision that is necessary when actual results do not conform to those
expected
oOpportunity decision taking new initiatives of doing a current activity more effectively even if no
problem exists
oOrganizational politics the actions people take to get what they want
oEscalation of commitment when a manager maintain commitment to a decision even when it is
clear that it was a bad decision
oStrategic management process of aligning the organization with its external environment
oStrategic goals the overall objectives that a business wants to achieve
oPurposes of Goal Setting
Provides direction, guidance, and motivation for all managers
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Description
RSM100 – Study Guide – Final Exam Business Strategy [8] – L12-13 • Chapter 6 Managing the Business Enterprise o Corporate culture – the shared experiences, values, norms, and ethical stance that characterize an organization o Management – the process of planning, organizing, leading, and controlling an enterprise’s financial, physical, human, and information resources to achieve the organization’s goals of supplying various products and services o Planning – determining the firm’s goals and developing a strategy to achieve them o Hierarchy of Plans Strategic plans – top management; decisions about resource management, company priorities, and the steps needed to meet strategic goals Tactical plans – upper/middle management; shorter-range plans to implement specific aspects of the company’s strategic plans Operational plans – middle/lower management; short-term targets for performance o Organizing – mobilizing the resources required to complete a task o Leading (directing) – interactions between managers and their subordinates as they work towards firm objectives o Controlling – process of monitoring a firm’s performance to make sure that it is meeting its goals o Hierarchy of Managers Top managers – those responsible for a firm’s overall performance and effectiveness, and for developing long-range plans for the company Middle managers – implement decisions made by top managers First-line managers –supervise the work of employees o Areas of Management Human Resource managers – provide assistance to other managers when they are hiring employees, training them, evaluating their performance, and determining their compensation level Operations managers – responsible for the production systems that create goods and services Information managers – responsible for designing and implementing systems that gather, process, and disseminate information Marketing managers – responsible for getting products and services to buyers Financial managers – plan and oversee a firm’s financial resources o Basic Management Skills Technical skills – ability to perform specialized tasks Human relations skills – ability to understand and get along with people Conceptual skills – ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation Time management skills – productive use of time Decision-making skills – ability to define problems and choose the best course(s) of action o The Rational Decision-Making Process Recognize and define the situation Identify alternatives Evaluate alternatives Select the best alternative Implement the chose alternative Evaluate the results o Problem decision – a decision that is necessary when actual results do not conform to those expected o Opportunity decision – taking new initiatives of doing a current activity more effectively even if no problem exists o Organizational politics – the actions people take to get what they want o Escalation of commitment – when a manager maintain commitment to a decision even when it is clear that it was a bad decision o Strategic management – process of aligning the organization with its external environment o Strategic goals – the overall objectives that a business wants to achieve o Purposes of Goal Setting Provides direction, guidance, and motivation for all managers www.notesolution.com Helps firms allocate resources Helps to define corporate culture Helps managers assess performance o Long-term goals – goals for 5+ years o Intermediate goals – goals for 1-5 years o Short-term goals – goals for < 1 year o SMART goals – Specific, Measurable, Achievable, Relevant, and Time-framed goals o Strategy formulation – broad program for defining and meeting an organization’s goals o SWOT analysis – identifying organizational Strengths and Weaknesses (internal), and identifying environmental Opportunities and Threats (external) o Levels of Strategy Corporate-level – identifies the various businesses that a company will be in • Concentration – focusing on one product (line) • Growth – market penetration (aggressive selling in market)
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